The Privatisation Commission Board on Tuesday cancelled the negotiated sale of a 51% stake in House Building Finance Company Limited (HBFCL) after Pakistan Mortgage Refinance Company Limited emerged as the sole bidder with Rs4.2 billion, far below the Cabinet-approved reference price of Rs13.55 billion.
The Board, chaired by Adviser to the Prime Minister on Privatisation and PC Chairman Muhammad Ali, advised restarting the HBFCL privatisation with a new financial adviser.
It also annulled the process for hiring a financial adviser for the Roosevelt Hotel in New York and directed fresh expressions of interest, after legal and technical screening reduced the pool of interested parties from seven to two.
The Board recommended including Islamabad International Airport (IIAP) in the privatisation programme under a concession-based, competitive model. This follows a January 1, 2026, Cabinet Committee ruling that ruled out a government-to-government sale. The PC was authorised to negotiate directly with the Asian Development Bank to appoint a financial adviser.
For the second batch of power distribution companies, the Board approved the formation of a transaction committee for Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO) to review deliverables submitted by Raiffeisen Investment, the financial adviser.
The Board emphasised that all transactions would be conducted through structured and competitive processes to maximise returns for the national exchequer.
